Money & Banking

ICICI Bank launches special FD scheme for senior citizens

Our Bureau Mumbai | Updated on May 21, 2020

ICICI Bank Ltd.   -  Bloomberg

Private sector lender ICICI Bank on Thursday ICICI Bank announced a special fixed deposit scheme for senior citizens, which offers a higher interest rate.

Named ‘ICICI Bank Golden Years FD’, the scheme offers senior citizens an interest rate of 6.55 per annum for deposits up to ₹2 crore with tenure of more than five years to 10 years.

It is available from May 20 to September 30, 2020.

“It offers 80 basis points more than what is applicable to general public (non-senior citizens) for the same deposit amount and tenor. Also, it is 30 basis points more than the previous rates offered by the bank,” ICICI Bank said in a statement, adding that resident senior citizens can avail the benefit of this scheme for new FDs as well as renewal of old FDs.

The customers can avail a loan against their FD up to 90 per cent of principal and accrued interest

Published on May 21, 2020

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